The operating result (EBIT) reached CHF 60.3 million compared to an operating result of CHF 19.0 million in the previous year. The net result reached CHF 27.7 million compared to CHF -5.0 million in 2012.
The significant improvements were achieved due to a strong growth in sales, a favorable product mix and due to the successful implementation of the Group transformation program. The strong operating results (EBIT) together with a notable reduction in net working capital, resulted in a significant cash inflow from operating activities of CHF 83.2 million. This enabled the Group to reduce net debt from CHF 190.4 million in 2012 to CHF 109.0 million in 2013, and the cash position increased by CHF 11.8 million to CHF 317.2 million.
For the first time since 2008, the Board of Directors will propose the payment of a dividend of CHF 0.75 per share to the Annual General Meeting of Shareholders.
In 2013, the company started with an improved backlog of orders compared to the beginning of 2012. Order entries showed an increase for the first seven months of the year, slowed down from August to October 2013 and increased again at year end.
Consolidated sales for full-year 2013 amounted to CHF 1.354 billion, an increase of CHF 90 million or +7.1% compared to 2012. Sales in the second half of 2013 reached CHF 791 million compared with CHF 563 million in the first six months of the year, and to CHF 731 million in the second semester 2012.
All three business units and all geographical regions of the world had a positive contribution to the sales growth. Sales of sheetfed products increased by 7.6% compared to the previous year. Products for the folding carton industry as well as products for the corrugated equipment industry contributed to this improvement leading to a turnover of CHF 639 million for the year. Sales of web-fed products increased by 8.9% and achieved CHF 336 million for the year 2013. This result is very close to the all-time-high achieved in 2008.